To revise the definitions of the housing packages under the "Socialized Housing" and "Low Cost Housing" prescribed under Circular Letter dated March 31, 1999

Banc entral ng tinas

Supervision and Examination Sector Office of the Deputy Governor MAYNILA, PILIPINAS

CiRCULAR LETTER Series of 2002

To: All Concerned

housing packages under the "Socialized Housing and "Low Cost Housing" Housing and Urban Development Coordinating Council, the definitions of the prescribed under Circuiar Letter dated March 31, 1999 are revised to read as foliows: In conformity with Memorandum Circular No. 02, series of 2002 of the

services development, long-term financing, liberalized terms on interest shall refer to housing loans not exceeding P225,000.00. houses and fots or home lots only undertaken by the Government or the private sector for the underprivileged and homeless citizens which shall include sites and payments, and such other benefits in accordance with the provisions of R.A. No. 7279 (Urban Development and Housing Act). "Socialized housing refers to housing programs and projects covering Socialized housing packages

than P2.0 million, as prescribed under existing guidelines of the Housing and housing loans in excess of P225,000.00 but not more than P500.000.00 and Level 2 which shall refer to housing loans in excess of P500,000 but not more various government housing programs, or in such other amounts which HUDCC may prescribe in the future for said housing loans. Urban Development Coordinating Council (HUDCC) for the implementation of "Low-cost Housing packages shall consist of Level 1 which shall refer to

the affordability level of the average "and low-income earners which is thirty economic and socialized housing projects in depressed areas." percent (30%) of the gross family income as determined by the National Economic Development Authority from time to time. government-initiated sites and' services development and construction of Economic and socialized housing refers to housing units which are within It also refers to the

Effective immediately.

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November 15-: 2002 NeStor a. Sector-tk-Charge #SPeNiLLa,

MAG-IMPOK SA BANGKO